The Democratic Party establishment has plenty of backbone. It is strong, not weak. It shows absolutely no fear whatsoever in promising its perpetually yearning constituencies one thing and then delivering mostly the opposite of what has been promised. The party pays the piper, period.

So, yes. We are, indeed, witnessing a fairly significant failure — perhaps a full-blown disaster– emanating from the White House. But it’s of one piece with the Congressional Democrats (or to be precise, with the overwhelming majority of them).I repeat one more time: we not only have a President that betrays the hope he engendered, but we have an entire dysfunctional and non-responsive political system at which to gawk in fear and loathing.

He adds that in most countries with high unemployment and growing disparities in wealth you would see peasants with pitchforks. Well, we are seeing that here but it’s not from the left, it’s from the Tea Party. Meanwhile, too many liberals and progressives wait for Obama to morph into the mighty Liberalman they are sure he really is. Good luck with that.

Over the next couple of years, the U.S. ruling class will be forced to sharpen the blades and become more aggressive in the class war. At a certain point, the appeals to Obama to stop acting so “wimpy” will ring even more hollow than they ring today. He is not spineless. He is not cowardly. He is not an appeaser. And he is no George McFly. He is rather a bold, combative and fearless fighter on behalf of the class that funded his grubby rise to power and nothing will stop him except a bloody nose—metaphorically speaking.

Remember, Obama was backed very early and with huge contributions by the investment banks.